The monthly rise was mainly due to energy prices (up by 2.4% m/m), while core inflation was up by 0.2% m/m. Prices of computers have fallen while rents, and also prices of services, remained on a steady 0.3% m/m rise.

Headline inflation has slightly increased from 2.3% y/y to 2.5% y/y and core inflation has moderated from 2.2% y/y to 2.1% y/y. Inflation could remain in a 2%-2.5% range in the coming months, due to volatile energy prices. On the short run, the Fed should continue to hike its key rates.

UK: CPI (Oct.): 0.1% m/m vs 0.2% expected (prior: 0.1%)

Except housing and education, prices have decreased on a monthly basis in all sectors. Core inflation was flat and up by 1.9% y/y. Headline inflation was stable on a yearly trend at 2.4% y/y.

Central bank concerns could remain in place due to still high level of PPI and also due to lower slack in labour and rising in wage growth.

Oil prices have moderated but prices of materials were up by 0.8% m/m; prices remained high on a yearly basis (10% y/y after 10.5% y/y the prior month), due to oil prices (12% y/y) and to prices of materials (9.7% y/y).

UK: PPI Output prices (Oct.): 0.3% m/m vs 0.2% expected (prior: 0.4%)

Oil prices were up by 2% m/m and other sectors also up by 0.3% m/m; prices remained high on a yearly basis (3.3% y/y after 3.1% y/y the prior month).

Sweden: CPI (Oct.): -0.1% m/m vs 0% expected (prior: 0.5%)

Prices of food and communication have fallen over the month; core inflation has declined by 0.1% m/m; headline inflation was stable at 2.3% y/y and core inflation has slightly eased from 1.6% y/y to 1.5% y/y.

Production has fallen mainly due to energy and non-durable consumer goods.

Trend in production has eased further from 1.1% y/y to 0.9% y/y.

Germany: GDP (Q3-18): -0.2% q/q vs -0.1% expected (prior: 0.5%)

GDP has contracted more than expected due to lower export and consumption in preliminary data. The car industry could also be partly responsible of this fall, but this sector could rebound in the coming months. GDP could also rebound by 0.3%q/q/ 0.4%qq/ in Q4, but German growth is expected to settle below 2% y/y on average in 2018 and 2019.

The monthly rise was mainly due to energy prices (up by 2.4% m/m), while core inflation was up by 0.2% m/m. Prices of computers have fallen while rents, and also prices of services, remained on a steady 0.3% m/m rise.

Headline inflation has slightly increased from 2.3% y/y to 2.5% y/y and core inflation has moderated from 2.2% y/y to 2.1% y/y. Inflation could remain in a 2%-2.5% range in the coming months, due to volatile energy prices. On the short run, the Fed should continue to hike its key rates.

UK: CPI (Oct.): 0.1% m/m vs 0.2% expected (prior: 0.1%)

Except housing and education, prices have decreased on a monthly basis in all sectors. Core inflation was flat and up by 1.9% y/y. Headline inflation was stable on a yearly trend at 2.4% y/y.

Central bank concerns could remain in place due to still high level of PPI and also due to lower slack in labour and rising in wage growth.

Oil prices have moderated but prices of materials were up by 0.8% m/m; prices remained high on a yearly basis (10% y/y after 10.5% y/y the prior month), due to oil prices (12% y/y) and to prices of materials (9.7% y/y).

UK: PPI Output prices (Oct.): 0.3% m/m vs 0.2% expected (prior: 0.4%)

Oil prices were up by 2% m/m and other sectors also up by 0.3% m/m; prices remained high on a yearly basis (3.3% y/y after 3.1% y/y the prior month).

Sweden: CPI (Oct.): -0.1% m/m vs 0% expected (prior: 0.5%)

Prices of food and communication have fallen over the month; core inflation has declined by 0.1% m/m; headline inflation was stable at 2.3% y/y and core inflation has slightly eased from 1.6% y/y to 1.5% y/y.

Production has fallen mainly due to energy and non-durable consumer goods.

Trend in production has eased further from 1.1% y/y to 0.9% y/y.

Germany: GDP (Q3-18): -0.2% q/q vs -0.1% expected (prior: 0.5%)

GDP has contracted more than expected due to lower export and consumption in preliminary data. The car industry could also be partly responsible of this fall, but this sector could rebound in the coming months. GDP could also rebound by 0.3%q/q/ 0.4%qq/ in Q4, but German growth is expected to settle below 2% y/y on average in 2018 and 2019.